Frequently Asked Questions
Why an Auction?
The Sellers of these Properties have chosen the Accelerated Marketing Method in order to sell their properties in an expedient and timely manner. Part of their reasoning includes the enormous amount of holding costs to maintain the properties (e.g., real estate taxes, insurance, association dues, the cost of money, etc.). With these sales, both the buyers and the sellers should be pleased. The Buyer(s) should be able to obtain these properties at a very reasonable price. The Sellers will be able to alleviate their tremendous burden of carrying costs.
Why should I sell my property using the auction method?
The auction method accelerates the sale of your property by generating additional consumer interest and activity. Non-contingent contracts and projected thirty day settlements are required of all buyers of auctioned properties. This means a quick transaction. When will an auction be held? The advantage with the auction method is the seller has the right to choose the date and time of their auction. One of the many reasons auctions are so effective is that your property is exposed to a wide variety of potential buyers on a set auction date.
What is an "Absolute" Auction Property?
Properties offered at Absolute Auction will be sold to the highest bidder, regardless of price, with no minimums and no reserves!
What is a property sold to the seller's confirmation?
Properties that are sold subject to the Seller’s confirmation are offered with the Seller reserving the right to reject a top bid for any or all of the properties. If the brochure does not reflect “Absolute” in the property, then it will be sold subject to Seller’s confirmation. However, Sellers spend a great deal of time and upfront money on an Accelerated Marketing Program. They are definitely motivated to sell!
Can I use the services of a real estate broker to assist me?
The Swicegood Group, Inc Auction Company. welcomes and encourages Broker participation! Broker Registration Forms are available for download on individual Property sites with specific terms for that Property. What title evidence will the buyer receive? The Seller will typically provide for Title Insurance on each property purchased and closed in accordance with the terms of the Real Estate Sales Contract.
Is the description information in the brochure and newspaper ads guaranteed?
In an Accelerated Marketing Program when numerous properties are involved, errors are possible. Again, buyers must rely on their own inspection, judgment, records and own information. As indicated in the brochures, all announcements from the Auction block will take precedence over any previously printed material or any other oral statements made. All sales made by the Seller are on an “As Is”, “Where Is” basis and without representation or warranty of any nature whatsoever.
What does it mean to buy a property in an as-is condition?
Buyers purchase the Properties with no guarantees in regards to the condition of the properties. Buyers shall rely entirely on their own information, judgment, and their own inspection of the properties.
What is a buyer's premium?
Often we utilize a Buyer’s Premium (check specific Auction and Sealed Bid Terms and Conditions). Simply stated, if the bid is $500,000 (example only) with a 10% buyer premium , the total contract price would be $550,000. If you are unsure of this concept, realize if you want to purchase the property for right under $500,000 – bid $450,000. The total contract price would read $495,000 and you will have saved $5,000.00!
